I am writing to urge your support for the Carbon Fee and Dividend policy, specifically the Energy Innovation and Carbon Dividend Act (H.R. 5744) reintroduced in the 118th Congress. This crucial legislation offers a market-based solution to reduce carbon emissions while stimulating economic growth.
The policy proposes a steadily rising fee on fossil fuels, starting at $15 per metric ton of CO2 equivalent emissions and increasing by $10 per metric ton annually. This fee, imposed upstream near the source of extraction or import, would create a powerful incentive for businesses and consumers to transition to cleaner energy sources.
What sets this approach apart is its commitment to returning 100% of the collected fees, minus administrative costs, directly to American households as a monthly dividend. This feature is designed to protect family budgets and stimulate demand for low-carbon products, ensuring that the transition to a greener economy doesn't disproportionately burden lower-income families.
To maintain U.S. competitiveness and encourage global adoption of similar policies, the act includes a border adjustment mechanism. This would impose fees on products imported from countries without comparable carbon pricing and provide rebates to U.S. industries exporting to these countries.
Economic studies support the effectiveness of this policy, projecting significant CO2 emissions reductions, job creation, and the prevention of premature deaths due to improved air quality. Importantly, this approach doesn't require expanding government or creating new bureaucracies.
I strongly believe that the Carbon Fee and Dividend policy represents a balanced, effective approach to addressing climate change while promoting economic stability. As your constituent, I ask that you support H.R. 5744 and work towards its passage. Our community, and indeed our nation, stands to benefit greatly from this forward-thinking legislation.
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